Mugar Enterprises has secured $33m to refinance a retail asset in Beverly, Massachusetts, on Boston’s North Shore. North Beverly Plaza is a 197,471 sq ft, grocery-anchored retail shopping center. Located off of Route 128, the property is anchored by a 65,000 sq ft Shaw’s supermarket and features a CVS, People’s United Bank, Staples and Chipotle. Holliday Fenoglio Fowler sourced the funding through TD Bank with a long-term, fixed-rate loan.
“This transaction was also a good example of the kind of financing still available for well-located, grocery-anchored retail with best-in-class sponsorship” said Greg LaBine, managing director at HFF. “Multiple lenders sought this transaction, including life companies and banks. TD Bank offered the best combination of proceeds, pricing, amortization and prepayment flexibility, while also providing a very smooth closing experience.”
